YouSaid · the spoken record

Quincy Smith

lines on the record: 120
first: 2017-03-13
most recent: 2017-03-13
sittings or episodes: 1
sources: podcast

Every line below is reproduced as it was said and linked to the record it came from. Nothing here is summarised or generated. Directory · Search · Corrections

“Is what is the team like? Because you know that company's going to move in and out, pivot, as they say. But the key is, what does that team look like at core? And can it survive through all that”
2017-03-13 · Decoder with Nilay Patel · Recode Decode: Quincy Smith, partner, Code Advisors · IDENTIFIED FROM THE TRANSCRIPT
“And when we think about companies, because we're a merchant bank as well, we say it's an independent bank, anything but, say, boutique, the fact of the matter is the first question that we always ask ourselves going in any commitment committee, whether it be to invest, to help them raise or to help them sell.”
2017-03-13 · Decoder with Nilay Patel · Recode Decode: Quincy Smith, partner, Code Advisors · IDENTIFIED FROM THE TRANSCRIPT
“Where you have strong number twos, either leaving to other places or strong number twos moving up, that's super impressive. And they do have a secession.”
2017-03-13 · Decoder with Nilay Patel · Recode Decode: Quincy Smith, partner, Code Advisors · IDENTIFIED FROM THE TRANSCRIPT
“There really doesn't have that anymore. I can name a few names, but they don't have them. They don't have them like what you and I see every day up here.”
2017-03-13 · Decoder with Nilay Patel · Recode Decode: Quincy Smith, partner, Code Advisors · IDENTIFIED FROM THE TRANSCRIPT
“And that's a pretty hard thing to do to walk into an organization like that as a new person. Yeah, fair point. You walk around the corner, you see every other president on there who's been doing this for 35 years with due respect. So you got to think about it. But you need secession planning. And there is a little bit of a weakness in a lot of areas of the next gen media.”
2017-03-13 · Decoder with Nilay Patel · Recode Decode: Quincy Smith, partner, Code Advisors · IDENTIFIED FROM THE TRANSCRIPT
“I think again, I don't know that company well enough to be able to say, but I think a lot of people were surprised about Tom Staggs. And I think that there's a lot of focus around it. So I think the one that they always say for a deal is Read Hastings. Then I'd say what you and I both read's pretty happy where he is right now.”
2017-03-13 · Decoder with Nilay Patel · Recode Decode: Quincy Smith, partner, Code Advisors · IDENTIFIED FROM THE TRANSCRIPT
“I love Leslie Moonbeck. Whatever. Everything's Leslie Moonbeis. What do you think about the pure play in Lions Gate? You think about a lot of plays in there. There are a lot of great media people that really understand. I tell you what. I don't know who would want Bob Eiger's job. Because you think about it. He's done such an incredible job.”
2017-03-13 · Decoder with Nilay Patel · Recode Decode: Quincy Smith, partner, Code Advisors · IDENTIFIED FROM THE TRANSCRIPT
“The problem is that takes an analytic mind as well, as well as a creative one. And so I think at core analytics becomes much more central to media companies. And I think they know it.”
2017-03-13 · Decoder with Nilay Patel · Recode Decode: Quincy Smith, partner, Code Advisors · IDENTIFIED FROM THE TRANSCRIPT
“Because of the interwebs, I think media has made it so that it's not only it's Its opportunity, it's its requirement, it's its mission that it needs to understand the audience directly So before you could put up a show and you could make sure that people watched it, and at the end of the month, you would get a check. That's not exactly how it works, but you would get a readout of how many people watch it and then you think about it sometimes the next morning. But I think now more and more, you've got to be closer to your audience than before. That's an opportunity. It's not a threat. And you've got to understand that this is a chance to actually be better at programming for this audience.”
2017-03-13 · Decoder with Nilay Patel · Recode Decode: Quincy Smith, partner, Code Advisors · IDENTIFIED FROM THE TRANSCRIPT
“All right, the last question What is the media company of the future look like? It's not Rupert Murdoch for sure. Or is it? Or is it just going to be, I own Fox News, I own a thing? I make Wolverine movies.”
2017-03-13 · Decoder with Nilay Patel · Recode Decode: Quincy Smith, partner, Code Advisors · IDENTIFIED FROM THE TRANSCRIPT
“I hope, and I think the smart ones are thinking about two years from now, not four years from now, and I love that they are.”
2017-03-13 · Decoder with Nilay Patel · Recode Decode: Quincy Smith, partner, Code Advisors · IDENTIFIED FROM THE TRANSCRIPT
“And they realized it was a cut from the editor after much pressure. But there you come with the pressure. It wasn't their first issue. The one thing that this guy has done is galvanize people to actually pay attention and get involved. And I hope that carries on.”
2017-03-13 · Decoder with Nilay Patel · Recode Decode: Quincy Smith, partner, Code Advisors · IDENTIFIED FROM THE TRANSCRIPT
“They're not arrogant. I always think of that as like it's not arrogance. It's a little bit naive, but it's a little bit academic. And it's a little bit, I got other things I'm paying attention to all due respect. But they're certainly willing to entertain and they're certainly smart enough to listen to it and to try to respond. We have the same issue with YouTube, what, 10 years ago when they were doing beheadings up there and they're like, they took a stand.”
2017-03-13 · Decoder with Nilay Patel · Recode Decode: Quincy Smith, partner, Code Advisors · IDENTIFIED FROM THE TRANSCRIPT
“So you have to think about that. That doesn't mean that the platform shouldn't be platform shouldn't also feel accountability. And you all know the beauty of the people that we deal with day to day up here.”
2017-03-13 · Decoder with Nilay Patel · Recode Decode: Quincy Smith, partner, Code Advisors · IDENTIFIED FROM THE TRANSCRIPT
“So in the end, they're fulfilling their obligations. and does something wrong on a halftime show during a Super Bowl who's accountable. Is it the platform that delivered it to you? Or is it the content?”
2017-03-13 · Decoder with Nilay Patel · Recode Decode: Quincy Smith, partner, Code Advisors · IDENTIFIED FROM THE TRANSCRIPT
“It's a great question, of course. If you think about it in media terms, I think the same question is, does Comcast have the same requirement as CBS, right? Yeah, so they own NBC.”
2017-03-13 · Decoder with Nilay Patel · Recode Decode: Quincy Smith, partner, Code Advisors · IDENTIFIED FROM THE TRANSCRIPT
“Biased, I'm trained to think. Okay. But does Facebook have the same responsibility that, say, a Vox Media or New York Times have? Because I want, does it? Does it take that responsibility seriously or do you think it just...”
2017-03-13 · Decoder with Nilay Patel · Recode Decode: Quincy Smith, partner, Code Advisors · IDENTIFIED FROM THE TRANSCRIPT
“Absolutely And then you go back to the media, folks. I think content is always going to be king. I'm biased. I'm trained to think that. I think that it will always be at his core and the pure plays will always have a place. The question is where and at what level do they and how do they think?”
2017-03-13 · Decoder with Nilay Patel · Recode Decode: Quincy Smith, partner, Code Advisors · IDENTIFIED FROM THE TRANSCRIPT
“i.e. commerce is pretty good business. Right. I don't have time for your content on the site. Right. So it's just a DNA issue, right? And now all of a sudden they're getting more used to that. That's time difference, number of prime ministers.”
2017-03-13 · Decoder with Nilay Patel · Recode Decode: Quincy Smith, partner, Code Advisors · IDENTIFIED FROM THE TRANSCRIPT
“Right, can you marry content and commerce? I'd argue that Yahoo tried to do that for a while. I'd argue that some of these guys try to do it more and more. You could argue that Refinery 29 is out there trying to do that proposition right now in a very specific space. But if they can back that in, I remember thinking at first about, wow, once we bought CNET, wouldn't it be great if we went up to Amazon and said, well, now we could put reviews up on your thing. And I realized from the Amazon's response, do you have any idea we're dedicating 100% of our pixels to commerce?”
2017-03-13 · Decoder with Nilay Patel · Recode Decode: Quincy Smith, partner, Code Advisors · IDENTIFIED FROM THE TRANSCRIPT
“Absolutely distributing it media. Absolutely. But in this particular case, I think Amazon's thinking about it, but it's commerce.”
2017-03-13 · Decoder with Nilay Patel · Recode Decode: Quincy Smith, partner, Code Advisors · IDENTIFIED FROM THE TRANSCRIPT
“No. If it's a media company, then Google works as hard as it can to get everybody off its site as fast as possible. That's a true irony. Right, okay. No, it sells advertising. It offers advertising, but I don't think of itself as a media. What do you call it? Facebook, I think, does because I think it deals with engagement. I think being a media company is absolutely at its core is about engagement and content programming, programming defined as curating content. Even if you don't make it.”
2017-03-13 · Decoder with Nilay Patel · Recode Decode: Quincy Smith, partner, Code Advisors · IDENTIFIED FROM THE TRANSCRIPT
“They absolutely have impact, and they're not wrong to think about it, but they think about it in very, very well grounded. You know this, high-end academic ways that don't always apply to street fighting. And street fighting is absolutely required in what a lot of people did.”
2017-03-13 · Decoder with Nilay Patel · Recode Decode: Quincy Smith, partner, Code Advisors · IDENTIFIED FROM THE TRANSCRIPT
“Seem to They control enormous amounts of zeros and ones versus couches, and it's a different kind of programming. You put it that simple.”
2017-03-13 · Decoder with Nilay Patel · Recode Decode: Quincy Smith, partner, Code Advisors · IDENTIFIED FROM THE TRANSCRIPT
“So, I think you, look, this is going to sound like a cyclop as well. So I apologize in advance. But I think the way that you've been handling this is remarkable because you need to, many people around our community need to remind us all to keep everybody honest right now. The one thing I've noticed about this is that it is, and we can get the personal out of the way. Areas and trends seem to be saying that we're going, and we keep everybody honest. And I think that cannot be done without people making comments like you're making and making sure that we're constantly reminding us. Of what's happening”
2017-03-13 · Decoder with Nilay Patel · Recode Decode: Quincy Smith, partner, Code Advisors · IDENTIFIED FROM THE TRANSCRIPT
“There's no side of it. There All right, we're going to end up talking about one. Is there any other things in that chart you want to bring to my attention? That's fun. Because I want to talk about fake news and stuff like that. You've been in a new business. So I want to end up like a few minutes talking about fake news. And do you think that poses a threat, like these companies, Mark Road is 6,000 word essay, his Harvard thesis he never turned in on that concept of the idea of community? Do you think that these companies are starting to get”
2017-03-13 · Decoder with Nilay Patel · Recode Decode: Quincy Smith, partner, Code Advisors · IDENTIFIED FROM THE TRANSCRIPT
“Is the one that all media companies don't view as a potential enemy? There's no side of it. There's no side of it that they come up and say, yeah, I'm happy to talk to you about this, but please don't put the fiber guys”
2017-03-13 · Decoder with Nilay Patel · Recode Decode: Quincy Smith, partner, Code Advisors · IDENTIFIED FROM THE TRANSCRIPT
“That's a better value proposition than anybody else has. Sorry, Jeff. So they've really figured that out. That's why I think Amazon probably has the biggest opportunity in media right now. Right. That's not an insult to Google by any stretch because they got bigger opportunities in other places. But the fact of the matter is, remember as a banker, we've got to love all God's children. But the fact of the matter is Amazon can really make a run on media here.”
2017-03-13 · Decoder with Nilay Patel · Recode Decode: Quincy Smith, partner, Code Advisors · IDENTIFIED FROM THE TRANSCRIPT
“Right, right. They seem reticent. That's what I would say. His interview was reticent. Like, we're going to try these two shows, but it seems to me if you're not going to go all in, you're not going to do well.”
2017-03-13 · Decoder with Nilay Patel · Recode Decode: Quincy Smith, partner, Code Advisors · IDENTIFIED FROM THE TRANSCRIPT
“The problem again is it's not zeros and ones. And there's a real, you have to have a real skill set. And at the corporate level, you have to have tolerance for that skill set.”
2017-03-13 · Decoder with Nilay Patel · Recode Decode: Quincy Smith, partner, Code Advisors · IDENTIFIED FROM THE TRANSCRIPT
“Haven't really bought anything that big. They're so interesting in it. It's not in style. It's not his style. Why would you do that? But they are getting into shows. They show that off at Code Media. They showed it off”
2017-03-13 · Decoder with Nilay Patel · Recode Decode: Quincy Smith, partner, Code Advisors · IDENTIFIED FROM THE TRANSCRIPT
“I don't see him doing it Apple's always an enigma. Always complicated. They haven't really bought anything that big. They're so interesting in it. You know, and I know when the rumors came out about Eddie Q thinking about buying a content lab, you knew that that was just wrong DNA. It's not his style. It's not his style. He does so well supporting all these guys. Why would you do that”
2017-03-13 · Decoder with Nilay Patel · Recode Decode: Quincy Smith, partner, Code Advisors · IDENTIFIED FROM THE TRANSCRIPT
“Right, everybody says, What's the next Facebook? Well, freaking Instagram, what's the next Facebook? And they bought it, so they figured this stuff out. So the question is, what are they going to do next? And that is where the rumors come of like, you know, will Google, and you know better than I, there's a lot of fingerprints in there that think about enterprise. Is there an enterprise play for Google to make you grow? There could be. There's a lot of stuff going on in there that they're going to start to think about as to do it. In the meantime, there might have assets that aren't core to them that they'll say, maybe it's better if I drop my ownership down to 40% as opposed to own 100% and given some other people maybe float it as public. That'd be the Berkshire Hathaway move. And I see them kind of doing that. That's actually what Liberty did, right? So you think about how they get out there.”
2017-03-13 · Decoder with Nilay Patel · Recode Decode: Quincy Smith, partner, Code Advisors · IDENTIFIED FROM THE TRANSCRIPT
“Well, Microsoft thought about that, right? So there are a couple companies that can think about that kind of stuff. And the third is yes, you put it to work. And it's that'll be really interesting around it. In the meantime, you got all this other stuff going on in enterprise software, which we haven't even spoken about, right? So now you got to think you're at scale. You're Google alphabet, your Apple, your Amazon. You need to support that kind of growth. You're Facebook. I think Facebook's growing at 46%, something like that in crazy numbers. It's hard to do. So what are you going to buy?”
2017-03-13 · Decoder with Nilay Patel · Recode Decode: Quincy Smith, partner, Code Advisors · IDENTIFIED FROM THE TRANSCRIPT
“When you have this kind of cash from a banker perspective, there are three things you can do. One is you can buy back stock, which is almost never heard of in our world. In the media world, it's heard of all the time.”
2017-03-13 · Decoder with Nilay Patel · Recode Decode: Quincy Smith, partner, Code Advisors · IDENTIFIED FROM THE TRANSCRIPT
“Right. But Apple, we've sold a couple companies to Apple, and that's a very unique experience. And the fact of the matter is I don't know what they're going to do now. They could because they got so much cash. They could go crazy on this stuff, all the things that are written about.”
2017-03-13 · Decoder with Nilay Patel · Recode Decode: Quincy Smith, partner, Code Advisors · IDENTIFIED FROM THE TRANSCRIPT
“You can't buy stock in an open market if you aren't going to be doing that, so you're going to be doing that. So that's where it is. And I think some of the things they're doing in video, et cetera, make sense. I think Japan's valuable. I think there's a lot of stuff that they're doing.”
2017-03-13 · Decoder with Nilay Patel · Recode Decode: Quincy Smith, partner, Code Advisors · IDENTIFIED FROM THE TRANSCRIPT
“Look, here's what I'd say on this. I'd say I think Twitter's in a good place now where it's going to put its head down and build on its product. And I think everybody knows that.”
2017-03-13 · Decoder with Nilay Patel · Recode Decode: Quincy Smith, partner, Code Advisors · IDENTIFIED FROM THE TRANSCRIPT
“I don't know if they do or don't. They're smart. They look at all kinds of things as they should. Peter's there. Jeff's there. They're all good at what they do. So I don't want to say that, but it's just interesting to me that nobody's made that movie. That shows that they've got enough stuff going on, that they're doing well they're focusing on it.”
2017-03-13 · Decoder with Nilay Patel · Recode Decode: Quincy Smith, partner, Code Advisors · IDENTIFIED FROM THE TRANSCRIPT
“Because as you think about a certain stage in that cycle, so media might be a stage in that cycle where it's time for consolidation upon us. That's the sharks and minnows. But if you think about our world, the world you and I cover a lot of the time, social media or internet overall, rather than it looking like it's coming to some finite end of some kind of whatever, all of a sudden AI pops up. And you can make the argument that AI is going to extend that cycle even further. So I don't think there's going to be a lot of M&A in the raw internet sec because a lot of the guys that are big in the incumbents don't need to buy anymore. Google's making that point, right? Netflix is saying, I don't need to merge anymore on that stuff. Amazon is saying I don't really need to do it. If you're Amazon, as somebody who's passionate about it, I think, why don't you have a music service? Why don't you have a Pandora? Why the heck wouldn't you look at Pandora? Because it's right out there. It's got US users, but you can turn it global in 12 seconds. You should think about that kind of stuff. There's that business or if it's the online stuff. Why don't you?”
2017-03-13 · Decoder with Nilay Patel · Recode Decode: Quincy Smith, partner, Code Advisors · IDENTIFIED FROM THE TRANSCRIPT
“So by market cap, meaning as something ends, as something sort of closes in in technology, they all merge with each other. And that is what's happened. So now you think about what's that next level? All right. So semiconductor industry has transacted more in M&A by market cap in the last two years than it had in the priority.”
2017-03-13 · Decoder with Nilay Patel · Recode Decode: Quincy Smith, partner, Code Advisors · IDENTIFIED FROM THE TRANSCRIPT
“And then just to throw a little bit of banker stats around on you on this, if you look at the semiconductor industry, which you and I haven't had to look at for quite some time, but it is super relevant because at the end of a cycle in this, there have been more deals done in the semiconductor industry in the last two years than in the last nine.”
2017-03-13 · Decoder with Nilay Patel · Recode Decode: Quincy Smith, partner, Code Advisors · IDENTIFIED FROM THE TRANSCRIPT
“I don't know if it wants to get bought. You know, it's funny read Hastings' amazing guy because he was the product of a merger of equal a long time ago, just thinking as a banker. So mergers shouldn't be against him. He hasn't done much. Right, and a lot of arguments say so far it's working. So why would I? Right. And I think he's got his head down.”
2017-03-13 · Decoder with Nilay Patel · Recode Decode: Quincy Smith, partner, Code Advisors · IDENTIFIED FROM THE TRANSCRIPT
“Make content? They don't have to make content. In this case, they might be the best licensors Because they think about this stuff and because they have a team that really understands how to do it.”
2017-03-13 · Decoder with Nilay Patel · Recode Decode: Quincy Smith, partner, Code Advisors · IDENTIFIED FROM THE TRANSCRIPT
“That is also to say that Facebook's time spent is actually, by definition, therefore, increasing quite a lot. And that means it set itself up to be a viewing platform. Right, other platforms aren't as much. You're not on Snapchat for an hour at a time. You're on Snapchat to do your thing, get off, and then get back on. Right, and that's a fundamental difference. That's why I think pound for pound Facebook has set up very well to be a next generation media company. And in fact, Cheryl Sandberg's on the board of Disney. So you should understand that.”
2017-03-13 · Decoder with Nilay Patel · Recode Decode: Quincy Smith, partner, Code Advisors · IDENTIFIED FROM THE TRANSCRIPT
“And who's launching what ad and where? At some point, maybe something happens, but for now it's kind of this thing. That just happens, and YouTube continues to grow, and Facebook continues to grow”
2017-03-13 · Decoder with Nilay Patel · Recode Decode: Quincy Smith, partner, Code Advisors · IDENTIFIED FROM THE TRANSCRIPT
“Yeah, I have a theory about them, and it's really from a bit of a distant view. I mean, we have the time to spend a lot of time with them because they're great. But we don't spend as much time as we probably should on that. But my theory is this. My theory is that it's probably Facebook is probably responsible for a fair amount of YouTube's growth in the last five years.”
2017-03-13 · Decoder with Nilay Patel · Recode Decode: Quincy Smith, partner, Code Advisors · IDENTIFIED FROM THE TRANSCRIPT
“More about where things are. Tell me the stock. So, what did they do? But it was. Let's talk about them. They have an enormous audience. They do not, most of their videos are not directed in the way of a Netflix-like experience and things like that. Do you see them doing that? Because they talked about it on the last call. They said we could get into contact.”
2017-03-13 · Decoder with Nilay Patel · Recode Decode: Quincy Smith, partner, Code Advisors · IDENTIFIED FROM THE TRANSCRIPT
“But you've got to give them credit for the vision for understanding more about where things are going. And by the way, Facebook, another way, they do all their big acquisitions when they're on runs and the Instagram, WhatsApp, all those things, never when the stock was under pressure. You tell me the stock was them. So what did they do? But it was”
2017-03-13 · Decoder with Nilay Patel · Recode Decode: Quincy Smith, partner, Code Advisors · IDENTIFIED FROM THE TRANSCRIPT
“The fact of the matter is they're not buying as much right now versus in the days when David Lowie was out there. Buying a ton more because it's a different stage that they're at, right? Every once in a while they wake up and say the market's rewarding on this. Let's go buy nest. Let's think about this space. Let's go into this space.”
2017-03-13 · Decoder with Nilay Patel · Recode Decode: Quincy Smith, partner, Code Advisors · IDENTIFIED FROM THE TRANSCRIPT